14311 RteRavena, NY 12143

Property Details for 14311 Rte

Lot size

0.04 AC

Property size (Sq ft)

10,000 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents an 18-unit apartment complex in Ravena, NY, currently vacant but poised for immediate occupancy. The property, encompassing 10,000 square feet across three buildings on a 0.042-acre lot, boasts a compelling 10% cap rate and a pro-forma cap rate of 10.52%. A complete gut renovation in 2024 transformed this property, including all new electric, plumbing, insulation, and framing. The 18 units comprise 12 one-bedroom apartments, 4 studio apartments, and a four-bedroom, 2.5-bath house, all featuring modern kitchens, new bathrooms, and new flooring. Each unit has a separate electric meter, with tenants responsible for their own electric heat and typical electric costs. Hot water is provided by the landlord (propane). The property includes a laundry room (hookups only) and an owner's office. The complex offers 20 parking spaces. The property features three buildings with two stories each, and is zoned 01. New septic and leach field systems serve the property, along with new or newer roofs and sidewalks. The parking lot has been recently updated, sealed, and stripped. The asking price is $1,995,000, with a projected NOI of $209,834. Construction will be completed by November 1, 2024, making this a turnkey investment opportunity. Financial projections are based on aggressive rental marketing to quickly fill the property, with the potential for higher fair market rents.

Location Insight

City

Ravena

County

Greene

State

New York

Latitude

42.4494

Longitude

-73.817

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